Inflation expectations – Grice is concerned about the monetary easing being conducted by the world’s largest central banks right now. His fear is that they could lose control of inflation – and if they do, Grice said inflation expectations are the first place he thinks we will see signs of that happening.

The fragile social situation in Greece – Grice cited the rise of the right-wing extremist Golden Dawn political party and its harassment of immigrants as especially worrying. “What’s chilling,” Grice said, “is that the police are turning a blind eye.”

Rising tensions in Iran – Iranians are becoming frustrated with the loss of purchasing power they face as Iranian president Mahmoud Ahmedinejad pushes inflationary, easy-money policies. Grice said those policies are always the result of desperation on the government’s part.